...principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today¶s Dynamic Markets. Entrepreneurial Leadership has many different meanings across disciplines. The new definition of Entrepreneurial Leadership is one of an enterprising, transformational leader who operates in adynamic market that offers lucrative opportunities (Tarabishy, Fernald, Solomon, 2010). The theoriesof Case, Kouzes, and Drucker share many similarities to the new definition of entrepreneurialleadership. The main elements shared by these individuals and the new definition of entrepreneurialleadership is entrepreneurial leaders have a clear vision, create opportunities, and adapt to change.One common element Case, Kouzes, and Drucker share with the definition of Entrepreneurialleadership is that entrepreneurial leaders have a vision for their business aspirations. Each theory of the characteristics of entrepreneurial leadership states that these leaders have a clear picture of theaspirations for their business venture, potential success, and the means in which to achieve thegoals. Entrepreneurial leaders not only vision, but can effectively articulate their vision to employees,stakeholders, and others in order to inspire and facilitate a shared vision. The vision oftentimes is thefoundation that entrepreneurship based. Another similarity among these philosophies is that entrepreneurial leadership creates and/ or seizesopportunities. These...
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...Entrepreneurial Leadership BUS 508 10/21/10 Entrepreneurial Leadership There is a new definition of entrepreneurial leadership that has evolved over time and this paper will examine that evolution as it relates to some business leaders of our time. It will look at the theories of some of those leaders like Steve Case, former Chairman of AOL, and James Kouzes, co-author of The Leadership Strategies and also Peter Drucker. Also this paper will discuss my leadership style and the principles of it as well as what tools and resources that I would use through the Small Business Administration as a new entrepreneur. Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership. One of the common elements that is described in the theories of Case, Kouzes, and Drucker is discovering what drives the motivation of the people under one’s leadership. Steve Case discussed in a lecture at Stanford University on February 24, 2010 about People, Passion, and Perseverance. He talked about that the leaders of AOL and Time Warner had not discovered their people before their merger which in turn allowed culture clashes when the two companies merged. The people that had been more innovative in the past became more corporate which aided in the downfall of the company. (Case 2010) In essence he was stating that if you know...
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...Create a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker. In your philosophy, be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. It was ironic that many of the struggling corporations and or businesses established by entrepreneurs who had an innovative idea, saw an opportunity in the market, and turned their dreams into real-life juggernauts. But, at some point in the growth process, these same entrepreneurs became overlarge, multifaceted, highly structured, and bureaucratic. The founding entrepreneurs were no longer present, and these companies started to evolve into entities in which the ability to nurture new ideas into real products and customer-attracting services was often hindered by processes, procedures, structures, systems, executive perks, and maintenance of power. In many respects, these organizations were increasingly trapped by their own success. Often, people in these organizations agreed that they needed more entrepreneurial spirit, increased cleverness, and enhanced innovation, but feared that their company could not get out of its own way to accomplish these things. When I see entrepreneurs with great motivating ideas and all of a sudden tank into the water, I think back about the successful story of former American Online (AOL) CEO and Chairman Steve Case and his “three P’s” (People, Passion...
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...“Entrepreneurial Leadership” Discussion 1 Analyze and describe the founding leaders, leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit. Answer Entrepreneurs Hussein Fazal and Kristaps Ronka harnessed the power of advertising on Facebook as they were listed as one of 2011's top entrepreneurs. Their efforts toward entering this new idea began in 2007 when they started experimenting with Facebook applications and game software (Inc, 21011, Par. 1). Some of their earlier developments were treasure hunting applications and documentation sharing. However, both individuals did not anticipate the successful future which would lay ahead. Fazal and Ronka are successful not only because of their extensive background in software development and administrative work. Entrepreneurship is not created simply from a good idea, but also from good leadership style and business principles. For example, Fazal was experienced in networking and was able to obtain valuable contacts from his previous job. This gave him an advantage in the world of social networking because he understood Facebook and how to utilize his real-world experience on an online platform. Although the company was merely comprised of Fazal and Ronka initially, the two understood that a good relationship with one another as well as their clients would be the foundation of their...
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...Entrepreneurial Leadership People are the number one commodity in the success of every business. Without the commitment, a vision, and the love for what one believes as it relate to entrepreneurship, the likeliness of a successful business is extremely grim. According to former CEO of AOL, Steve Case and Author James Kouzes, the common philosophy that the two of them share are strategies that relate to Entrepreneurial Leadership which include being risk takers, innovators and specific motivational practices. They believe that people play the most vital role in the success of one’s business. They both acknowledge that people need to be recognized and celebrated for the contribution they make to a successful business. (Case) It is said that “one never works a day in their life when they are doing what they love” (unknown). James Kouzes goes on to further describe five points that the best leaders use to motivate. He spoke on setting examples that are clear values and expectations. He further stated that credibility is the foundation of leadership, which is the most precious asset. If people aren’t seeing that you are a living breathing example of the things you speak on and expect, it is only natural that you won’t be taken seriously Inspired shared vision is another point that was made; it is envisioning, forward looking and shared and common purpose. In my opinion, this is a trait of transformational leadership which will be discussed later on in this paper. Another point...
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...Entrepreneurial Leadership Abstract Entrepreneurial leadership helps develop and sustain elements of the organizational culture. Bergstrom (2004) interpreted that entrepreneurial leadership has three dimensions: 1) take more risk; 2) favor change to obtain the advantage; and 3) compete aggressively. We will discuss the common elements of different theories and philosophies as it relates to the new definition of entrepreneurial leadership. I will discuss my leadership style that I aspire to be, and compare it to dimensions of other leadership styles. Entrepreneurs have a wealth of knowledge at their finger tips using tools and resources available through the Small Business Administration (SBA) and the website SCORE. We will explore and compile useful information that can be obtained from the SBA that entrepreneurs and new business owners can use to gain an advantage on start up. I will describe my personal principles of leadership and explain why I believe in them. Entrepreneurial Leadership Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership. Entrepreneurial leadership is a complex style of leading. Individuals who practice this style are generally; driven, risk taker, aggressive and can recognize when change will give the advantage. Peter Drucker (1985) discusses several strategies of entrepreneurs, but “Fustest...
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...World of Entrepreneurial Leadership Shanteka Glover T. A. Swinney, MS The Business Enterprise BUS 508 October 24, 2010 Abstract Leadership is a set of skills and practices that are available to everyone and is found everywhere. Leaders foster relationships that are built on trust and confidence and allow people to take risks, be creative, and become leaders themselves. They also hold to personal values that drive commitment, make an impact, and allow for high hopes to be set, which can lead to high performance. Typically, leadership revolves around one big concept, which is either doing things different or doing existing things better. In getting task completed, leaders may posses one or more leadership styles depending on the function of the leader, employees, and the situation. However, there is no single leadership style that is considered as being the best strategy. Leaders must simply rely on the task at hand, the vision, and type of employees in order to choose a leadership style that best suits the needs of the business. Keywords: leadership, entrepreneur, leadership principles, leadership styles Entrepreneurial Leadership Have you ever entertained the thought of becoming an entrepreneur? Do you know what it takes to become an entrepreneur and establish a successful and thriving business? Entrepreneurs are risk takers in the private business system that seek after a profitable opportunity and takes the necessary risks to set up and operate a business. Although...
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...n Entrepreneurial Leadership Llami Sloman Dr. Terry Dowdy Contemporary Business 508 July 21, 2011 Common Elements The common elements that were found in the thinking of Case, Kuzes and Drucker were some important factors of the decisions that were made. There are many risk that business along with people can take that will help change the world, as well there are many creative approaches that will help keep things fresh ad the product changing to stay current with the economy. Hiring people to work for the business that have a driven purpose is important, as well getting to know them along with there opinions is a way off being successful, also rewarding the employee when they are doing something successful. Its important to have a good management team that will lead the way for the employees to follow, be passionate about working and the employees will be the same about there work. Theory My “Business Driven” theory would be a business that can manage under the constant change of the economy rather its good change or bad change, this business will still be able to function and meet the needs of the customer and still be successful. The article “understanding entrepreneurial leadership in today’s dynamic markets” means entrepreneurial leadership has the privilege of being able to find different opportunities that are open in the global driven market. Being a business person a person must first know when to change directions in a market that is constantly...
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...Entrepreneurial Leadership Professor Contemporary Business- BUS 508 22 January 2012 Leadership is an art, and requires discipline, good techniques and self-expression. According to (Hellriegel and Slocum, 2011, p.297) effective leadership is the forefront of most organizations and strategic planning exemplifies this philosophy. According to (Boone & Kurtz, 2011, p. 11) an entrepreneur is a risk taker and their entrepreneurial spirit fuels growth in the U.S. economy. Entrepreneurship is seen as a crucial determinant of economic development. Entrepreneurs recognize and capitalize on opportunities so that a business can be created and evolve. Besides creating jobs and selling products, entrepreneurship provides the benefits of innovation. Leadership itself is not enough to make a company succeed; there must also be a good relationship between leaders and followers within the company in order to maintain open lines of communication and to operate at the highest levels of efficiency possible. It takes the right kind of leadership for any specific company and market in order to achieve optimum results. Analyze and describe the founding leader(s), leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit. The entrepreneur that we will discuss is Scott D. Cook he is a co-founder along with Tom Proulx for the company Intuit. The two started...
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...AOL and Time Warner. He mentioned that the merger happened at the peak of the Internet frenzy and the failure of the economy. He used the three P’s to explain why the merger was a failure: People- people began to focus on their own issues rather than innovation; Passion-that AOL lost its original drive and that the innovating, pioneering people started to become more corporate; and Perseverance- they assumed that the Internet was a fleeting phenomenon and preceded to back away from it. Case then concludes with a quote by Thomas Edison, although the P’s are necessary that “vision without execution is hallucination” (Case, 2010). James Kouzes’ theory consisted of five characteristics of an effective leader and how to achieve exemplary leadership. Like Case, Kouzes had specific characteristics to explain what a leader should possess. Kouzes five points were model the way, inspire a shared vision, challenge the process, practice of enabling others to act, and encourage the heart. He then described a way to achieve all of his points. “Model the way” is achieved by establishing a clear set of values and expectations...
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...Entrepreneurial Leadership Emily Norment Professor Mary Lind Contemporary Business July 17, 2011 Entrepreneurial Theory/Philosophy The hybrid entrepreneurial theory/philosophy I created is called Normentism. It is comprised of the following attributes: people-oriented; risk taking; innovation; capitalization; passion; and resilience. People-oriented refers to both the customers and employees. New products would be developed with the customer and their needs in mind. Leadership would strive to make the workplace a positive place to work through face-to-face interactions, frequent performance appraisals, and quarterly celebratory events. In order to succeed, risks must be taken. As Kouszes said in his interview, risk is an opportunity. One must be willing to persevere through the risks (Case, 2010.). A hallmark of Normentism is evaluating the market including customer needs, waiting for a niche to fill with a new innovation, or modify an existing innovation (California Management Review, Winter 85). An addendum to innovation is the capitalization of those consumer niches that can be filled by a new or modified innovation. Passion is a key characteristic of the entrepreneur and his/her employees. Believing in what the company is doing is a key to success. This leaves resilience. Entrepreneurship is a risky undertaking. Drucker has said that for every entrepreneur who succeeds, many more fail. (California Management Review, Winter 85). A successful entrepreneur...
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...ENTREPRENEURIAL LEADERSHIP Steve Jobs once asked the question, “Why join the navy if you can be a pirate?” While some may argue that Apple more closely models that of the navy due to the company’s expansive size and presence, one can certainly argue that without the pirate that was Steve Jobs, Apple would not be what it is today. Steve Jobs may very well be one of the leading entrepreneurs of his time, but other distinguished individuals have also followed down similar paths to profits and social change. Entrepreneurs take different approaches in determining their path to success. Two such paths are the profit-oriented and social-responsibility oriented entrepreneurial approaches. Though similarities exist between both approaches, numerous differences do as well. Steve Jobs said, “Innovation distinguishes between a leader and a follower.” It is however, up to the entrepreneur to decide which path of innovation to forge. Tim O’Shaughnessy, founder of LivingSocial.com, is one such entrepreneur whose path to success followed that of the profit-oriented approach. “For-profit organizations focus on business goals, such as making money. Even when for-profit organizations become involved in social activities, their prime purpose is usually to make a profit” (Ruvio, Rosenblatt, & Hertz-Lazarowitz, 2010). According to their website, LivingSocial claims, “Innovation and imagination have made LivingSocial the fastest-growing company in the social-buying category...
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...Assignment #1- Entrepreneurial Leadership T’Juan Rucker Dr. Birmingham The Business Enterprise- BUS 508 October 28, 2010 Discuss the common elements described in the theories/ philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Entrepreneurial Leadership has many different meanings across disciplines. The new definition of Entrepreneurial Leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities (Tarabishy, Fernald, Solomon, 2010). The theories of Case, Kouzes, and Drucker share many similarities to the new definition of entrepreneurial leadership. The main elements shared by these individuals and the new definition of entrepreneurial leadership is entrepreneurial leaders have a clear vision, create opportunities, and adapt to change. One common element Case, Kouzes, and Drucker share with the definition of Entrepreneurial leadership is that entrepreneurial leaders have a vision for their business aspirations. Each theory of the characteristics of entrepreneurial leadership states that these leaders have a clear picture of the aspirations for their business venture, potential success, and the means in which to achieve the goals. Entrepreneurial leaders not only vision, but can effectively articulate their vision to...
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...Abstract An entrepreneurial leader lends his or her vision, leadership style, and strategy to the core of the business. This individual is a major independent variable influencing the outcome and success of the business. For the new century, there is a new definition for entrepreneurial leadership. This new leader will need to be able to operate in a highly unpredictable world where competition is fast moving. This case analysis will define entrepreneurial leadership and discuss theories that relate to the new definition. Great teams have vast leaders who encourage and reward both individual and team success because of great leadership. The ability that the success of a company will continuously grow will be by its entrepreneurial leaders. Keywords: leadership, entrepreneurs, democratic leadership, motivating people New Definition of Entrepreneurial Leadership Entrepreneurs play an important role for making a company succeed, but they cannot do it alone. Entrepreneurs need to identify employee needs and lead the team to success. Entrepreneurial leaders are important for many businesses to succeed. Entrepreneurial leaders build trust and confidence in employees. To have a successful business, there are many theories and principles an entrepreneur should know. Steve Case former Chairman and CEO of AOL (Case, 2010) referenced that in order to have a successful business, the entrepreneur must focus on the three P’s; people, passion, and perseverance. He...
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...Running head: “Entrepreneurial Leadership” Assignment 1: “Entrepreneurial Leadership” Abstract This paper will show the analysis of how successful this business has been setting itself apart from other fast food chains in relation to their philosophy, their original values as a family run business all the while giving contributions of success. You will see how the ethical and social practices of this family business as paved a customer appreciated restaurant of today with old fashion hard work and common sense. Assignment 1 – “Entrepreneurial Leadership” Determine how Five Guys’ philosophy sets it apart from other fast-food chains? In today’s fast food market chains businesses have to focus more on nutrition as well as making profits. Today within our health conscience world we now live in and with all the media hype about overweight people in the United States fast food chains need to really market themselves in a way to stand out above others in order to compete. Although the number one goal of any business model is to maximize profits and minimize costs in order to meet shareholders expectations as well as growing the business to maximize profits they now have to be thinking of creative ways to grab the customers and make them feel they are making a well educated guess in eating healthier even though it is still considered fast food. The Five-Guy business model has really been creative in certain ways to capture this. The owner Jerry Murrell believes...
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